SND — what changed in the latest 10-Q
A section-by-section comparison of SND's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-11 vs the prior 10-Q · 2026-05-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +38 | −26 | ~14 | 25 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-11
We have steadily grown our IPS business since its inception in late 2021. We expect to continue to expand and diversify to serve the major industrial markets throughout North America, including glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscape, retail …
Cost of goods sold was $95.2 million and $76.8 million for the three months ended June 30, 2026 and 2025, respectively. The increase in cost of goods sold for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, was primarily due to higher volumes sold in the cu…
Gross profit was $19.8 million for the three months ended June 30, 2026, compared to $9.0 million for the three months ended June 30, 2025. The increase in profitability for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily due to higher sales vol…
Selling, general and administrative expenses increased to $9.4 million for the three months ended June 30, 2026 compared to $9.1 million for the three months ended June 30, 2025. The increase in selling, general and administrative expenses was primarily due to higher royalty expense associated with …
We incurred $0.3 million and $0.3 million of net interest expense for the three months ended June 30, 2026 and 2025, respectively.
Text removed vs the prior filing · source: 10-Q · 2026-05-12
We expanded our IPS product line in 2023 by completing the installation of blending and cooling equipment at our Ottawa, Illinois facility, which we believe provides new opportunities to increase our customer base in the IPS business. We expect to continue to expand and diversify to serve the major …
•Sand revenue increased to $92.5 million for the three months ended March 31, 2026 versus $64.5 million for the three months ended March 31, 2025. Total volumes increased by approximately 40% and sand pricing per ton was slightly higher in the current period.
•SmartSystems revenue was approximately $0.6 million for the three months ended March 31, 2026 compared to $1.1 million for the three months ended March 31, 2025. The decline in SmartSystems revenue was due to lower utilization of our SmartSystems fleet.
Cost of goods sold was $87.0 million and $62.8 million for the three months ended March 31, 2026 and March 31, 2025, respectively. The increase was primarily due to higher volumes sold in the current period and the related increase in production costs, freight and transloading costs.
Gross profit was $6.1 million and $2.8 million for the three months ended March 31, 2026 and March 31, 2025, respectively. The gross profit for the three months ended March 31, 2026 was higher, compared to the three months ended March 31, 2025, due primarily to higher sales volumes in the current pe…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice